S.M.T.B.: what changed
Two financial years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
S.M.T.B.
Largest movements
- Stocks and contracts -€22,051
down €22,051 (-23.6%), from €93,528 to €71,477
- Cash -€18,626
down €18,626 (-8.6%), from €216,148 to €197,522
mainly Trade debts (-€56,744) and Contributions, distributions and other (-€20,000)
- Receivables within one year +€7,150
up €7,150 (+23.6%), from €30,347 to €37,497
of which Other amounts receivable: +€15,032
- Trade debts -€56,744
down €56,744 (-67.5%), from €84,122 to €27,378
- Current portion of long-term debt +€15,000
new in 2025: €15,000
- Profit (loss) carried forward +€9,496
up €9,496 (+7.1%), from €134,326 to €143,822
- Other debts -€4,582
down €4,582 (-6.2%), from €73,364 to €68,782
- Tax, wage and social debts +€3,837
up €3,837 (+13.4%), from €28,539 to €32,376
of which Remuneration and social security: +€3,171
- Gross operating margin -€37,610
down €37,610 (-19.7%), from €191,025 to €153,415
- Staff costs +€28,693
up €28,693 (+32.8%), from €87,570 to €116,263
- Taxes -€15,180
down €15,180 (-82.7%), from €18,345 to €3,165
- Write-downs -€10,325
no longer reported in 2025 (was €10,325)
- Depreciation -€2,030
down €2,030 (-85.0%), from €2,388 to €358
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Derived cash bridge
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €340,852 | €307,859 | -€32,993 | -9.7% |
| Fixed assets | 21/28 | €709 | €1,363 | +€654 | +92.2% |
| Tangible fixed assets | 22/27 | €337 | €991 | +€654 | +194% |
| Land and buildings | 22 | €225 | - | -€225 | |
| Furniture and vehicles | 24 | €112 | €991 | +€879 | +785% |
| Financial fixed assets | 28 | €372 | €372 | = | 0.0% |
| Current assets | 29/58 | €340,143 | €306,496 | -€33,647 | -9.9% |
| Stocks and contracts in progress | 3 | €93,528 | €71,477 | -€22,051 | -23.6% |
| Stocks | 30/36 | €93,528 | €71,477 | -€22,051 | -23.6% |
| Amounts receivable within one year | 40/41 | €30,347 | €37,497 | +€7,150 | +23.6% |
| Trade receivables | 40 | €26,309 | €18,427 | -€7,882 | -30.0% |
| Other amounts receivable | 41 | €4,038 | €19,070 | +€15,032 | +372% |
| Cash at bank and in hand | 54/58 | €216,148 | €197,522 | -€18,626 | -8.6% |
| Deferred charges and accrued income | 490/1 | €120 | - | -€120 | |
| Total equity and liabilities | 10/49 | €340,852 | €307,859 | -€32,993 | -9.7% |
| Equity | 10/15 | €154,827 | €164,323 | +€9,496 | +6.1% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €1,909 | €1,909 | = | 0.0% |
| Tax-exempt reserves | 132 | €50 | €50 | = | 0.0% |
| Distributable reserves | 133 | €1,859 | €1,859 | = | 0.0% |
| Profit (loss) carried forward | 14 | €134,326 | €143,822 | +€9,496 | +7.1% |
| Amounts payable | 17/49 | €186,025 | €143,536 | -€42,489 | -22.8% |
| Amounts payable within one year | 42/48 | €186,025 | €143,536 | -€42,489 | -22.8% |
| Current portion of amounts payable after more than one year | 42 | - | €15,000 | +€15,000 | |
| Trade debts | 44 | €84,122 | €27,378 | -€56,744 | -67.5% |
| Suppliers | 440/4 | €84,122 | €27,378 | -€56,744 | -67.5% |
| Taxes, remuneration and social security | 45 | €28,539 | €32,376 | +€3,837 | +13.4% |
| Taxes | 450/3 | €18,242 | €18,908 | +€666 | +3.7% |
| Remuneration and social security | 454/9 | €10,297 | €13,468 | +€3,171 | +30.8% |
| Other amounts payable | 47/48 | €73,364 | €68,782 | -€4,582 | -6.2% |
| Remuneration, social security and pensions | 62 | €87,570 | €116,263 | +€28,693 | +32.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,388 | €358 | -€2,030 | -85.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €10,325 | - | -€10,325 | |
| Other operating charges | 640/8 | €579 | €2,075 | +€1,496 | +258% |
| Gross operating margin | 9900 | €191,025 | €153,415 | -€37,610 | -19.7% |
| Operating profit (loss) | 9901 | €90,163 | €34,719 | -€55,444 | -61.5% |
| Financial income | 75/76B | €79 | €107 | +€28 | +35.4% |
| Recurring financial income | 75 | €79 | €107 | +€28 | +35.4% |
| Financial charges | 65/66B | €2,578 | €2,165 | -€413 | -16.0% |
| Recurring financial charges | 65 | €2,578 | €2,165 | -€413 | -16.0% |
| Profit (loss) for the period before taxes | 9903 | €87,664 | €32,661 | -€55,003 | -62.7% |
| Income taxes | 67/77 | €18,345 | €3,165 | -€15,180 | -82.7% |
| Profit (loss) for the period | 9904 | €69,319 | €29,496 | -€39,823 | -57.4% |
| Profit (loss) for the period to be appropriated | 9905 | €69,319 | €29,496 | -€39,823 | -57.4% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 26 October 2026 via checked.be.